The paradox where the unwinding of negative interest rates triggers a yen depreciation

3/19Bank of Japan(hereinafter the BOJ)made a decision to解除 negative interest rates, and the dollar/yen exchange rate rose to the 150 level for the first time since3/6. The market had been speculating about the removal of negative interest rates since the beginning of the year, and the news report of this became circulation150yen level. The fact that reports about the removal of negative interest rates appeared10 days before the actual BOJ monetary policy meeting held on3/8 significantly influenced the outcome. We will explain along with the future path of the USDJPY rate.